Responding to change; Network Managers position for the future.
Evolution is inevitable and change is constant. Never has this been truer than it is today and now that the banking sector’s ability to be effective entirely out of the office is under scrutiny, it is wise to hold up what we are learning against past practice.
The old story of Network Managers having to do more across a broader remit with limited resources has become relevant once again. Technology investment has habitually not kept pace with the increasing scope of the role. With this in mind, it is at a crossroads: either buy in dedicated technology which is fit for purpose ‘away from home’, still positioning for long-term sustainable growth, or continue to operate with current levels of staffing and the legacy systems and manual processes which are already in place.
The combination of rising product sophistication and ongoing growth in regulation, coupled with the additional risk that comes with overseeing more markets and relationships means the Network Management function still faces increasing difficulty. This becomes nearly unmanageable as the same service levels need maintaining from home. Its interaction with the bank’s wider community continues to grow but now with an unforeseen and disruptive force. Multiple competing priorities to be juggled outside an office environment call for technology that can manage them as they occur; this should be technology that goes further, delivering organised data reporting and intelligence across the stakeholder community with immediacy and regularity.
Legislation globally designed to reinforce standards of asset safety and investor protection have meant that responsibilities borne by Network Management groups have become more important. The dangers of inadequate oversight and reporting in these areas and others, which would alert the regulators, threaten effective risk management across all departments in the middle and back offices. If transparency is imposed upon the value chain with a central technology platform that brings these parties together collaboratively, partnerships will be protected and progressively strengthened. The Network Management function will then provide a streamlining effect and will itself be effectively supported, particularly if such a solution can be deployed, 100% effective, from any location.
Banks are currently investing in integrated solutions that enable them to replace their manual, fragmented procedures with one consolidated, automated system that is itself a risk monitoring device and allows key data to be accessed near to real-time. Picking the right one, particularly one that will readily respond to crises, is a vital step in ensuring that the institution is positioned well for the near term and future-proofed against the unforeseen. What was once a mere tactical choice of platform becomes a corporate strategy for business continuity.
Implementing MYRIAD has been an important and cost-effective move for its clients to help Network Managers to do their job to maximum efficiency, enabling cost reduction and economy of effort in many ways. The mitigation of risk, the quality of reporting and remote inter-departmental collaboration take on much greater levels of concern during periods of upheaval. MYRIAD has proved more than up to the task, providing a robust, well-supported platform to keep business stable and moving forward in difficult times. It continues to do so today
MYRIAD Group Technologies Limited has worked extensively within this space for more than 20 years, with more than 120 years industry experience within our senior management team. Based on our experience, coupled with feedback from our existing clients and regular updates from Network Managers globally, it is the one option available to Network Managers that will offer a sustainable long-term solution; proven, robust, and always prepared for the toughest of environments.